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NovaGold Closes US$203 Million Public Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - NovaGold Resources Inc. (TSX:NG)(AMEX:NG) today announced that it has successfully closed its public offering of 12.5 million common shares at a price of US$16.25 (C$18.33) per share for gross proceeds of approximately US$203 million (C$229 million). The Company has granted the underwriters an option to purchase up to an additional 1.875 million common shares at the offering price during the period ending 30 days from the closing of the offering to cover over-allotments, if any.

Citi and RBC Capital Markets acted as joint book-running managers in respect of the offering. Scotia Capital, Cormark Securities and MGI Securities were also part of the underwriting syndicate.

The net proceeds of this offering of approximately US$194 million (C$219 million), after deducting underwriters' fees and estimated expenses, will be used to fund further exploration at, and initial construction of, the Galore Creek Project, to fund general exploration and development of the Company's other projects and for general corporate purposes.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities, nor shall there be any sale of the securities in any state or province which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or province.

About NovaGold

NovaGold is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. The Company owns 70% of the Donlin Creek gold project in Alaska and 100% of the Galore Creek copper-gold project in British Columbia, which are among the world's largest gold and copper-gold deposits, respectively. The Company is rapidly moving to production at its 100%-owned Nome Operations in Alaska, which includes Rock Creek, Big Hurrah and Nome Gold. Also in Alaska, NovaGold is earning a 51% interest as manager of the high-grade Ambler copper-zinc-silver-gold project in partnership with Rio Tinto. NovaGold has one of the largest reserve and resource bases of any exploration or development-stage precious metals company. NovaGold trades on the TSX and AMEX under the symbol NG.

Cautionary Note Concerning Forward-Looking Statements

Statements in this press release announcing the anticipated use of proceeds are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies; uncertainties about the availability of additional financing; uncertainties related to fluctuations in gold prices; the possibility that NovaGold may change its plans with respect to one or more properties; and other risks and uncertainties described in the Company's preliminary prospectus supplement, short form base shelf prospectus, registration statement on Form 40-F and Reports on Form 6-K filed with or furnished to the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.